Daily NewsView All News
Savile Group plc (SAVG:LSE), the provider of talent management and career management services, today announces their preliminary results for the year ended 30 June 2009.
Revenues were up by 49% from 6.95 million Pounds in 2008 to 10.38 million Pounds in 2009. Profit before tax (PBT) was up by 157% from 0.72 million Pounds in 2008 to 1.85 million Pounds in 2009.
Fully diluted earnings per share (EPS) were up 87% from 4.55 Pence in 2008 to 8.52 Pence in 2009. The recommend dividend for 2009 is 2.25 Pence per share compared to no dividends for 2008.
Jonathan Cohen, Executive Chairman commented, "I am very pleased to report substantial growth of revenue, net margin, earnings per share and net cash and a much strengthened balance sheet."
"Whilst the Group's outplacement and career transition businesses (Fairplace) have undoubtedly benefited from the downturn in the economy, our coaching and talent management units (Cedar and IDDAS) have also made progress in the year. Outplacement activity has made a significant contribution to both turnover and profits in the financial year. However, we believe that a more balanced revenue mix will emerge this year, and that this will be a growing trend."
"Although the prospects for an economic recovery over the next twelve months are far from certain, it is clear that organisations in both the public and private sectors increasingly recognise that investing in the talent of their people is not an item of expenditure that can be turned on or off according to the economic climate."
"As an alternative to the recommended cash dividend of 2.25 Pence per share, a warrant is to be offered to shareholders on the register on 23 October 2009 to subscribe for 1 new ordinary share at 86 Pence per share. Certain Directors have expressed their present intention to elect to take up the Warrant Alternative in respect of an aggregate of 3,514,060 Ordinary Shares, representing approximately 24% of the Company's issued share capital."
"While we expect to achieve significant organic growth by building upon the strength of our existing brands, we continue to monitor closely opportunities to broaden our market offering through carefully targeted acquisitions."
"With a strong team in place at all three of our brands, a very robust balance sheet, positive cash flow and a clear strategy, I am very confident in the Group's future."
In early trading Saviles's shares were up 7.34% to 95 Pence.